Verdicts genuinely change. Free email alert the moment HFRO-PB's does — no target price to set, unlike "Alert" above.
Whether this fund clears the published standards, and the filings behind that answer. The screen runs first and nothing on the trading side can override it.
Structure, momentum, positioning and levels. Separate from the Sharia verdict above, which this side never overrides.
Highland Opportunities and Income Fund
69 holdings
This fund holds short positions, so exposure is counted gross — long and short both count as exposure rather than netting off, and the weights below therefore sum to 129% of net assets rather than 100%. Shares of the portfolio are shown as shares of that gross exposure.
NON-COMPLIANT At least 16.53% of portfolio weight is in non-compliant holdings — already over the 5% threshold, so the verdict is settled whatever the unmatched 112% turns out to be. Matching more holdings can only raise this share, never lower it.
6.47% of that is conventional interest-bearing debt, identified from the fund's own filing rather than by screening an issuer. Sukuk are deliberately excluded from this test and are never counted here.
69 holdings, 7 matched (13% of weight). Portfolio as of 2026-06-30, filed 2026-09-02. Source: SEC Form N-PORT.
30.02% of this portfolio’s income is non-permissible — weighted across holdings, computed over 8% of portfolio weight (6 of 69 holdings). The common approach purifies that proportion of income received — dividends — not of the position’s value. We report the ratio; what to do with it is a question for your own scholar.
Portfolio shares are withheld: coverage is below the floor needed to state one. The holdings themselves are below, because the names are evidence you can check.
| Holding | Status | Weight | Every methodology, and the debt ratio behind it |
|---|---|---|---|
| N/A | UNSCREENED | 17.33% | no in-house ratios for this holding |
| N/A | UNSCREENED | 11.03% | no in-house ratios for this holding |
| N/A | UNSCREENED | 10.60% | no in-house ratios for this holding |
| N/A | UNSCREENED | 9.79% | no in-house ratios for this holding |
| N/A | UNSCREENED | 7.84% | no in-house ratios for this holding |
| NREF NEXPOINT REAL ESTATE FINANCE, INC. | NON_COMPLIANT | 6.83% | AAOIFI921.3% Usmani68.8% Dow Jones Islamic1543.1% S&P Shariah1667.2% MSCI Islamic68.8% MSCI Islamic M-Series1667.2% FTSE Shariah68.8% |
| N/A | UNSCREENED | 6.73% | no in-house ratios for this holding |
| N/A | NON_COMPLIANT | 6.47% | no in-house ratios for this holding |
| N/A | UNSCREENED | 5.13% | no in-house ratios for this holding |
| N/A | UNSCREENED | 3.91% | no in-house ratios for this holding |
| N/A | UNSCREENED | 3.30% | no in-house ratios for this holding |
| N/A | UNSCREENED | 3.11% | no in-house ratios for this holding |
| N/A | UNSCREENED | 2.76% | no in-house ratios for this holding |
| N/A | UNSCREENED | 2.53% | no in-house ratios for this holding |
| N/A | UNSCREENED | 2.44% | no in-house ratios for this holding |
| MIDWAVE WIRELESS | UNSCREENED | 2.01% | no in-house ratios for this holding |
| Fermi Inc | UNSCREENED | 1.97% | no in-house ratios for this holding |
| N/A | UNSCREENED | 1.95% | no in-house ratios for this holding |
| N/A | UNSCREENED | 1.93% | no in-house ratios for this holding |
| N/A | UNSCREENED | 1.90% | no in-house ratios for this holding |
| N/A | UNSCREENED | 1.75% | no in-house ratios for this holding |
| N/A | UNSCREENED | 1.52% | no in-house ratios for this holding |
| N/A | UNSCREENED | 1.31% | no in-house ratios for this holding |
| NXDT NEXPOINT DIVERSIFIED REAL ESTATE TRUST | NON_COMPLIANT | 1.27% | AAOIFI0.0% Usmani0.0% Dow Jones Islamic0.0% S&P Shariah0.0% MSCI Islamic0.0% MSCI Islamic M-Series0.0% FTSE Shariah0.0% |
| N/A | UNSCREENED | 1.26% | no in-house ratios for this holding |
| N/A | UNSCREENED | 0.99% | no in-house ratios for this holding |
| N/A | UNSCREENED | 0.98% | no in-house ratios for this holding |
| LAKE AT LAS VEGAS | UNSCREENED | 0.98% | no in-house ratios for this holding |
| DISCOVERY HLDG TL B | UNSCREENED | 0.92% | no in-house ratios for this holding |
| NXRT NEXPOINT RESIDENTIAL TRUST, INC. | NON_COMPLIANT | 0.91% | AAOIFI266.0% Usmani86.4% Dow Jones Islamic202.1% S&P Shariah205.1% MSCI Islamic86.4% MSCI Islamic M-Series205.1% FTSE Shariah86.4% |
| N/A | UNSCREENED | 0.76% | no in-house ratios for this holding |
| DWIGHT ISSUER LLC | UNSCREENED | 0.61% | no in-house ratios for this holding |
| SOUTH STREET SECURITIES FUNDING LLC | UNSCREENED | 0.60% | no in-house ratios for this holding |
| NREF NEXPOINT REAL ESTATE FINANCE, INC. | NON_COMPLIANT | 0.57% | AAOIFI921.3% Usmani68.8% Dow Jones Islamic1543.1% S&P Shariah1667.2% MSCI Islamic68.8% MSCI Islamic M-Series1667.2% FTSE Shariah68.8% |
| N/A | UNSCREENED | 0.54% | no in-house ratios for this holding |
| N/A | UNSCREENED | 0.51% | no in-house ratios for this holding |
| N/A | UNSCREENED | 0.44% | no in-house ratios for this holding |
| N/A | UNSCREENED | 0.41% | no in-house ratios for this holding |
| N/A | UNSCREENED | 0.39% | no in-house ratios for this holding |
| MidWave Wireless, Inc. Tranche K Loan | UNSCREENED | 0.30% | no in-house ratios for this holding |
| N/A | UNSCREENED | 0.30% | no in-house ratios for this holding |
| TALO TALOS ENERGY INC. | NON_COMPLIANT | 0.28% | AAOIFI44.2% Usmani24.7% Dow Jones Islamic64.3% S&P Shariah63.8% MSCI Islamic22.9% MSCI Islamic M-Series63.8% FTSE Shariah22.6% |
| NORTHWOODS CAPITAL LIMITED | UNSCREENED | 0.26% | no in-house ratios for this holding |
| HIGHLAND OPPORTUNITIES AND INCOME FUND | UNSCREENED | 0.23% | no in-house ratios for this holding |
| BHR BRAEMAR HOTELS & RESORTS INC. | NON_COMPLIANT | 0.21% | AAOIFI571.6% Usmani45.0% Dow Jones Islamic438.1% S&P Shariah456.9% MSCI Islamic45.0% MSCI Islamic M-Series456.9% FTSE Shariah45.0% |
| SARANAC CLO LIMITED | UNSCREENED | 0.17% | no in-house ratios for this holding |
| American Traffic/ATS Consol/Verra Mobi 9/25 TLB | UNSCREENED | 0.14% | no in-house ratios for this holding |
| WHEELER REAL ESTATE INVESTMENT TRUST, INC. | UNSCREENED | 0.13% | no in-house ratios for this holding |
| MP CLO LTD | UNSCREENED | 0.09% | no in-house ratios for this holding |
| N/A | UNSCREENED | 0.08% | no in-house ratios for this holding |
| CIFC FUNDING LTD | UNSCREENED | 0.08% | no in-house ratios for this holding |
| CIFC FUNDING LTD | UNSCREENED | 0.08% | no in-house ratios for this holding |
| MidWave Wireless, Inc. Tranche J Loan | UNSCREENED | 0.04% | no in-house ratios for this holding |
| CITADEL SECURITIES LLC | UNSCREENED | 0.04% | no in-house ratios for this holding |
| DAIWA CAPITAL MARKETS AMERICA INC | UNSCREENED | 0.04% | no in-house ratios for this holding |
| CITIGROUP GLOBAL MARKETS INC | UNSCREENED | 0.02% | no in-house ratios for this holding |
| WHEELER REAL ESTATE INVESTMENT TRUST, INC. | UNSCREENED | 0.02% | no in-house ratios for this holding |
| MIDWAVE WIRELESS 5/20 TL | UNSCREENED | 0.02% | no in-house ratios for this holding |
| MIDWAVE WIRELESS H | UNSCREENED | 0.01% | no in-house ratios for this holding |
| OZLM FUNDING LTD | UNSCREENED | 0.01% | no in-house ratios for this holding |
| CIFC FUNDING LTD | UNSCREENED | 0.01% | no in-house ratios for this holding |
| COVENANT CREDIT PARTNERS CLO | UNSCREENED | 0.01% | no in-house ratios for this holding |
| N/A | UNSCREENED | 0.01% | no in-house ratios for this holding |
| N/A | UNSCREENED | 0.01% | no in-house ratios for this holding |
| THL CREDIT WIND RIVER CLO LLC | UNSCREENED | 0.00% | no in-house ratios for this holding |
| CIFC FUNDING LTD | UNSCREENED | 0.00% | no in-house ratios for this holding |
| IHEARTCOMMUNICATIONS, INC. | UNSCREENED | 0.00% | no in-house ratios for this holding |
| CIFC FUNDING LTD | UNSCREENED | 0.00% | no in-house ratios for this holding |
| CLAYMORE COMMON STOCK | UNSCREENED | 0.00% | no in-house ratios for this holding |
All 7 published standards agree about this fund to within 0.3 points of portfolio weight.
These bars are the financial-ratio result under each standard — debt, receivables and interest income. They do not screen what the business does, so a holding can pass every ratio here and still be questionable or non-compliant on activity. The blended verdict above accounts for both.
ratios pass on 0.0% ratios fail on 10.1% 118.8% not rated under AAOIFI
ratios pass on 0.3% ratios fail on 9.8% 118.8% not rated under Usmani
ratios pass on 0.0% ratios fail on 10.1% 118.8% not rated under Dow Jones Islamic
ratios pass on 0.0% ratios fail on 10.1% 118.8% not rated under S&P Shariah
ratios pass on 0.3% ratios fail on 9.8% 118.8% not rated under MSCI Islamic
ratios pass on 0.0% ratios fail on 10.1% 118.8% not rated under MSCI Islamic M-Series
ratios pass on 0.3% ratios fail on 9.8% 118.8% not rated under FTSE Shariah
5 of 69 listed holdings carry our own per-methodology verdicts (10% of weight). The rest hold a provider verdict with no methodology breakdown, and are counted as rated by none.
Whether the technical picture shows an edge right now. Separate from the Sharia verdict, which this side never overrides.
Highland Opportunities and Income Fund (HFRO-PB) is currently considered not halal (non-compliant), per our own look-through to its filed holdings. See its filed holdings and the weight breakdown below for the reasoning.
HTR reads the fund's filed holdings and screens each one, then reports the result by weight. A holding it cannot cover far enough is reported as unrated rather than counted as a pass.
| Holding | Weight | Verdict |
|---|---|---|
| N/Anot matched to a ticker | 17.33% | Not screened |
| N/Anot matched to a ticker | 11.03% | Not screened |
| N/Anot matched to a ticker | 10.60% | Not screened |
| N/Anot matched to a ticker | 9.79% | Not screened |
| N/Anot matched to a ticker | 7.84% | Not screened |
| NREFNEXPOINT REAL ESTATE FINANCE, INC. | 6.83% | Non-compliant |
| N/Anot matched to a ticker | 6.73% | Not screened |
| N/Anot matched to a ticker | 6.47% | Non-compliant |
| N/Anot matched to a ticker | 5.13% | Not screened |
| N/Anot matched to a ticker | 3.91% | Not screened |
Top 10 of 69 holdings, 85.6% of the fund by weight. Every holding is screened, not only these.
The positions keeping this fund short of 100% compliant by weight.
Verdict history for HFRO-PB. A verdict that never moved is recorded too, so a quiet history reads as measured rather than missing.
Tracked since 2026-09-07.
Pinch or scroll to zoom · drag to pan — both axes move · double-click to reset
Classic floor-trader pivots from the last completed daily bar. Highlighted pills are the levels bracketing the current price.
The range is measured volatility (ATR over the horizon), not a target — a wider band means a more volatile asset, not a stronger view. The direction is the indicator tally below. Every forecast is recorded when made and scored against the real price when it comes due, including the wrong ones. Not a recommendation, and not a fatwa.
Standard indicator thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20, MACD histogram sign, price vs. average) computed on daily bars. A summary of what common indicators say — not a recommendation, and not this site's own trading verdict.
| Indicator | Value | Signal |
|---|---|---|
| RSI (14) | 37.40 | NEUTRAL |
| Stochastic %K (14) | 20.74 | NEUTRAL |
| CCI (20) | -151.89 | BUY |
| Williams %R (14) | -79.26 | NEUTRAL |
| MACD (12,26,9) | -0.01 | SELL |
| ROC (10) | -0.49 | SELL |
| Momentum (10) | -0.08 | SELL |
| EMA (10) | 15.57 | SELL |
| SMA (10) | 15.57 | SELL |
| EMA (20) | 15.65 | SELL |
| SMA (20) | 15.65 | SELL |
| EMA (30) | 15.71 | SELL |
| SMA (30) | 15.77 | SELL |
| EMA (50) | 15.77 | SELL |
| SMA (50) | 15.84 | SELL |
| EMA (100) | 15.78 | SELL |
| SMA (100) | 15.84 | SELL |
| EMA (200) | 15.61 | SELL |
| SMA (200) | 15.63 | SELL |
Market structure by timeframe, read from real bars. A bias per timeframe rather than a forecast — timeframes disagreeing is information, not noise.
The questions worth asking about any verdict on this page, answered plainly.
No. HTR reads the fund's filed holdings and screens each one, then reports the result by weight. A fund marketed as Islamic still gets the same look-through as any other.
It is the share of the fund whose holdings HTR cannot cover far enough to rate. It is reported as unrated rather than counted as compliant, because a holding nobody screened should not look like one that passed.
It matters, and it is noted, but it does not replace the look-through. The board's judgement and the holdings screen are shown separately so you can see when they agree and when they do not.
When the fund files new holdings, and on a rolling basis besides. The date on the verdict above is the last time this fund was actually recomputed.
Open research, not a fatwa. HTR applies published screening standards to filings and publishes what they say, including when they disagree. Nothing here is financial advice or a recommendation to buy or sell. Verdicts can change when new filings land.
Same screen, different answers. Comparison is where the standards disagreeing becomes useful rather than confusing.
Peer screening computing — it will appear here on its own.
Plain-language summary of the evidence already on this page — the Sharia screen, structure, momentum, and order flow above. It explains the read; it doesn't make the call. Generated on demand (a live AI call), never run automatically.